Renault's chief executive Carlos Ghosn says the French manufacturer's future in Formula One is still undecided and will hinge on the governance of the sport.

Renault is still weighing up its options about its involvement beyond 2016 and whether it should remain an engine supplier, buy a team or quit Formula One altogether. It currently supplies Red Bull and Toro Rosso and has been heavily criticised for its failings since the start of the V6 turbo era.

Its relationship with Red Bull has become especially strained despite the pair dominating the sport between 2010 and 2014 and Ghosn says nothing is being ruled out at this stage.

"When you are a developer and seller of engines, you have the privilege to be forgotten when you win and to be highlighted when you lose," he said during the Formula E London ePrix, where the eDams Renault team claimed the inaugural constructors' championship.

"We are not discarding anything. We can be out. We can, less likely, continue to be only an engine developer. Or we can own a team. So all the options are open. And we are analysing all the different options for the future."

Renault's uncertain future very much mirrors that of Formula One, with talk of new ownership and uncertainty about what the sport will look like post-2017. Ghosn believes this, and ensuring Renault gets a satisfactory return on any investment, will be key in influencing its final decision.

"It makes sense for us depending on what kind of governance we have in front of us. That's why it's taking some time. We need to try and understand where the governance of Formula One goes before we decide what way we want to take. The governance of racing is extremely important.

"It's not about who does what, that's not our issue. Our issue is we come and know exactly how much we spend and invest. We know how much we can be sponsored through marketing, but also there is a sharing of the TV rights which needs to be in a certain way following a more rational track where people who are investing the money and making the show can get a fair return on this investment.

"The question is 'Is it worth it?' You are engaging hundreds of engineers, putting in millions of euros and deviating a lot of your technical resources. You need a return."